INVESTMENT MANAGEMENT AGREEMENT Dated as of October 10, 2025Investment Management Agreement • March 10th, 2026 • Pershing Square Holdco, L.P. • Investment advice • New York
Contract Type FiledMarch 10th, 2026 Company Industry JurisdictionThis Investment Management Agreement (this “Agreement”) is made and entered into as of the date set forth above by and between Pershing Square USA, Ltd., a Delaware statutory trust (the “Company”), and Pershing Square Capital Management, L.P., a Delaware limited partnership (the “Manager” and, together with the Company, the “Parties”). Capitalized terms used in the preamble and recitals of this Agreement and not otherwise defined therein are defined in Section 1.
INVESTMENT MANAGEMENT AGREEMENT Dated as of July 15, 2024Investment Management Agreement • August 12th, 2025 • Pershing Square Holdco, L.P. • Investment advice • New York
Contract Type FiledAugust 12th, 2025 Company Industry JurisdictionThis Investment Management Agreement (this “Agreement”) is made and entered into as of the date set forth above by and between Pershing Square USA, Ltd., a Delaware statutory trust (the “Company”), and Pershing Square Capital Management, L.P., a Delaware limited partnership (the “Manager” and, together with the Company, the “Parties”). Capitalized terms used in the preamble and recitals of this Agreement and not otherwise defined therein are defined in Section 1.